AUD/USD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
According to the latest price developments AUD/USD is more likely to start negating the Sep 29 - Oct 12 rally rather than to resume it. However, the four-hour and daily indicators remains bullish, and we look for a confirmation of the bearish outlook, which will be a close beneath the Oct 13 low (0.72). In this case the first major test of the downward momentum will be conducted by the 200-period SMA at 0.7112, while given the height of the pattern (180 pips), the decline could extend significantly lower, down to 0.7020. Alternatively, a breach of 0.7380 will leave for the pair little space for manoeuvre, since just 60 pips higher there is the August high reinforced by the monthly R2.
© Dukascopy Bank SA
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